According to Nationwide, location is the most important factor affecting the value of a property in the UK real estate market, and creating more space by building an extension or adding a loft conversion are also factors that increase the value of property.

An increase of around 10% in floor space leads to a +5% increase in value in a typical property and +7% to a detached house. And adding an extra bedroom or bathroom in a loft conversion could boost the price of the property by up to +20%. For example, adding a 13sqm double bedroom to a two bedroom house can push up its value by +11%, according to Nationwide.

Overall similar homes in the most desirable areas cost 98% more than ones in the least desirable locations, although some of the difference is likely to be due to the fact that homes in well-off areas tend to be better maintained.

Even compared with average areas, properties in neighbourhoods populated by prosperous professionals typically sell for a 47% premium, the equivalent of £75,000.

But homes in areas where families are struggling to get by are generally worth 26% less than similar properties in average neighbourhoods.

According to Nationwide, typically property in Wales costs -50% less than in London and in Scotland they cost -40% less than similar properties in equivalent areas of the capital city.